Gold prices in Dubai have soared, jumping over Dh9 per gram on Monday morning as escalating tensions between the United States and Iran send shockwaves through global markets. The surge reflects a worldwide rush toward safe-haven assets, with investors seeking protection from geopolitical uncertainty.
At the opening of trading, 24K gold was priced at Dh645.25 per gram, up sharply from Dh636.00 at the weekend close, according to the Dubai Jewellery Group. The spike comes on the heels of intensified military conflict in the region, with gold acting as a traditional refuge during times of crisis.
Other gold categories saw similar gains: 22K gold climbed to Dh597.50 per gram, 21K to Dh573.00, 18K to Dh491.00, and 14K to Dh383.00. These increases are being felt immediately by both jewellery buyers and investors across the UAE.
Globally, spot gold rose 1.43% to $5,353.8 per ounce by 9:10 AM UAE time, while silver prices also saw a bump, trading at Dh344.13 per ounce before paring earlier gains. Gold has already reached record highs this year as political and economic uncertainty continues to ripple through global markets.
Market analysts say the latest rally is being driven by several factors: the risk of wider military escalation in the Gulf, fears over energy price volatility, instability in currency and equity markets, and uncertainty around global interest rate decisions. “Gold is a key barometer of global uncertainty,” said independent analyst Ross Norman, who suggested that prices could rise even further if geopolitical risks persist.
Rania Gule, a senior market analyst for the MENA region at xs.com, echoed this sentiment, noting that ongoing tensions and the potential for rising energy prices could complicate monetary policy decisions—further supporting gold in the near term.
For UAE residents, the price surge means gold jewellery purchases have become noticeably more expensive overnight. Investors, on the other hand, may see continued upside if the current volatility persists. However, with markets on edge and the situation evolving rapidly, buyers and investors alike should brace for further price swings in the days ahead.
As the world watches the crisis unfold, gold’s role as a safe-haven asset is once again front and center, shaping decisions and wallets across Dubai and beyond.
